Valuation of Options On Restricted Stock Using Simple Modifications of the Black-Scholes Model

George L. Johnson, CPA, CFA is President and a principal of Brueggeman and Johnson, P.C., Seattle, Washington. He received an MBA from the Wharton School of the University of Pennsylvania and a B.S. from the University of Washington.

David C. Dufendach, CPA/ABV is a manager at Brueggeman and Johnson, P.C., Seattle, Washington. He received an MBA from the Wharton School of the University of Pennsylvania and a BA. (Accounting) from the University of Washington.